LyondellBasell announced it has published its inaugural green financing framework to help advance its long-term sustainability goals.

“Our green financing framework reflects the decisive steps we are taking to allocate capital toward initiatives aligned with our sustainability strategy,” said Peter Vanacker, LyondellBasell CEO. “The framework will offer our stakeholders a transparent view into our plans to transition toward a circular economy, achieve net zero scope 1 and 2 greenhouse gas (GHG) emissions from our global operations by 2050, and reduce our absolute scope 3 GHG emissions by 30% by 2030, relative to a 2020 baseline.”

The framework establishes the principles for the company’s future green financings in accordance with the International Capital Market Association’s (ICMA) 2021 Green Bond Principles, and the 2023 Green Loan Principles issued by the Loan Market Association, the Loan Syndications & Trading Association and the Asia Pacific Loan Market Association.

The framework provides an overview of potentially eligible projects and associated selection criteria. Under the framework, net proceeds from green finance instruments will go toward new and existing investments in eligible green projects in the following ICMA categories: circular economy, renewable energy, pollution prevention and control, and energy efficiency.

S&P Global has reviewed the framework and provided a second-party opinion confirming the framework aligns with the 2021 Green Bond Principles and 2023 Green Loan Principles.